"Fans of PBS’s ‘Antiques Roadshow‘ will want to catch the upcoming El Paso episode, just filmed yesterday in the historic Texas City. From the El Paso Times:

A book by J.R.R. Tolkien and an Andy Warhol pop art collection were among the most expensive items appraised at Saturday’s PBS “Antiques Roadshow” at the Judson F. Williams Convention Center.

“The most expensive item appraised (Saturday) was a first edition of ‘The Hobbit’ with original dust jacket and the signature of J.R.R. Tolkien,” said Judy Matthews, for the “Antiques Roadshow.” “It was appraised at between $80,000 and $100,000.” "

I believe this value to be correct and having sold several (similar) books in the last 6 months I can tell you this is an accurate estimate! Inflation by one Swiss purchaser had nothing to do with that... There is a high demand and VERY FEW signed copies available, by the way in this condition it is extremely RARE! Why are you so surprised?

I can find at least 4 persons who will buy this book right away at this estimate!

It is because of the depression that the demand for the truly unique items has only increased! Surely the market of scarce book is slow and almost completely sleeping, but at the top there is a lot going on. Sadly for most collectors this trade is completely done outside the open market. I'll have to somehow list some of the treasures that have switched hands in the last months and you will be surprised to see how well the Tolkien market is actually doing on the high end collectors market.